A false declaration by an individual not possessing PAN card for certain value of transactions can land him upto a seven-year jail term and a hefty fine as part of Income Tax regulations that will come into force from on Thursday. As part of the directives issued by the government for implementation of the Permanent Account Number (PAN) regime from January 1, any person not having a PAN but undertaking a transaction which requires a mandatory quoting of it, will have to fill up ‘Form No. 60’. The one-page form seeks personal details of the person undertaking the transaction along with a valid proof of identity and address, like Aadhaar and Elector’s Photo Id (EPIC) among others. “There are people who may not have a PAN and still make a large transaction for which quoting of PAN is now essential.